Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, Mass., has announced it has completed its previously announced purchase of First Mercantile Trust Company from SunTrust Banks, Inc.
Headquartered in Memphis, Tenn., First Mercantile provides retirement plan recordkeeping and investment management services throughout the U.S. With nearly $5 billion in assets under management as of Dec. 31, 2007, First Mercantile’s operations adds complementary products and further scale to MassMutual’s existing $40 billion retirement plan business.
“We are pleased to complete this transaction and welcome First Mercantile into the MassMutual Financial Group family of companies,” said Elaine A. Sarsynski, executive vice president of MassMutual’s Retirement Services Division. “Over time, we look forward to working with First Mercantile to support growth, product innovation, and outstanding customer service as we continue to build momentum in the marketplace.”
“This transaction is a true win-win for both MassMutual and First Mercantile,” Ms. Sarsynski continued. “Both organizations have a number of key strengths that create value for the marketplace, including outstanding recordkeeping platforms, client service teams, investment platforms and due diligence processes. While both organizations will certainly gain efficiencies and learn best practices from one another, we intend to keep these functions separate between our two organizations.”